Budgeting is an important part of a student’s life. As a student, you need to be smart and responsible when it comes to managing your finances. Here are the dos and don’ts of managing your budget.
Have limits on your spending’s
Limit the amount you spend daily, weekly or even monthly. This will in turn help you spend money on the essential things you require and help you differentiate between your “need” and “wants”. Your needs are the things you cannot do without like food, books and handouts while wants are the things you can do without
Spend your HELB loan wisely
Many students tend to look at their loans as free money and so they spend it irresponsibly. If you are a beneficiary of the HELB loan, you should ensure that you spend it wisely and on the right things.
Don’t desire to live someone else’s life
Students are always tempted to keep up with trends and their peers something that affects their spending habits. As a student, you should understand that your friends come from different financial backgrounds and trying to keep up with them will only harm you financially
Gambling can be very addictive and dangerous to a student. A gambling addiction all make you lose your student loan and allowances to betting sites. Try to avoid gambling at all cost and if you must, do it just for fun and not as a way of making money.
Stick to your budget
Try to stick to your budget and avoid making unnecessary adjustments that might affect you financially.
How do you manage your budget? Please let us know the comments section below.